- With official labor data suspended by the government shutdown, analysts are leaning on private sources—and they show a weakening jobs market. Moody’s Mark Zandi said September saw “essentially no job growth,” with gains limited to health care, education, and a few large states, while ADP reported payroll losses and Glassdoor noted slowing wage growth. Economists warn that without Bureau of Labor Statistics releases, the Fed is left making policy decisions through a “keyhole view,” raising the risk that conditions are worse than markets currently assume.
The usual health checks on the U.S. economy have been disabled during the government shutdown, leaving analysts to comb over private data for clues. What they’re seeing, at least according to Moody’s, isn’t great.
